German Gref expressed his concerns.
The head of Sberbank German Gref said that at the beginning of 2019 are likely to rise in interest rates on loans. According to Gref, to raise rates will be forced all banks, not just Sberbank. He said this in an interview with TV channel “Russia-24”.
Gref said that the growth rate of consumer loans likely because of a reaction to the past and the measures already taken to regulate Banks. According to the head of the savings Bank, under current conditions, there is a real probability that all banks will be forced to raise rates.
However, Gref said that after rates grow at the beginning of 2019, they are likely to fall during the year. It is assumed that rates on loans will go down to the level of 2018.
We will remind that earlier the Bank of Russia raised its key interest rate to 7.75%. This increase was the second in 2018. The experts stressed that although the rate increase may seem small, the banks plan to regain it considerably stronger. According to forecasts, interest rates on consumer loans will increase to 3 p. p. (percentage points) depending on the type of the purchased product.